12 instructions to be successful in the forex trader ~ theater of dreams

Monday, March 21, 2011

12 instructions to be successful in the forex trader

Instructions to 6 of 12 instructions to be successful in the forex trader
 
Always Able to Adapt

Jessie Livermore is a trader who is very wealthy. He has the luxury homes scattered around the world complete with staff and servants, a fleet of luxury cars (limousines), and cruise ships. He became very famous in 1907, where he had a profit of U.S. $ 3 million. He then suffered losses and declared bankruptcy during the years 1908 - 1912, in an interview he said,
 
Jessie Livermore
"The time where I actually had a loss is when I'm breaking my own rules."


 Jessie later told that the mistake he did was when he violated its own rules and listen to suggestions from other people who caused it must bear a great loss. Several years after the incident, he re-build trust and restore its debts to creditors during World War I.
In one day, exactly at 16.30 on November 28, 1940, Jesse Lauriston Livermore (63), entered the Sherry-Netherland hotel. A few hours later he was found lifeless again with a shot behind his right ear. He shot himself with a .32 caliber pistol. His death is suspected because he failed to restore confidence in himself against trading losses of several million dollars before. Jessie has left a lesson to all traders in the world to always adapt to the market.
One of the requirements is also very important to avoid the losers you become a trader is always adapting to the market. Should any assumptions that you wake up to the market, you should always be able to adapt to him, Van K. Tharp once said,
 
Van K. Tharp
"My first advice to anyone is to see yourself as the source of all events in your life. Make a list of everythingthat can cause errors and in conditions like that how you respond. This is the key to being successful,understand how to respond to events that are not expected. "

Many successful traders of the world suggest to you to be able to adapt to the market because you have to understand that we will always deal with change. The market is always changing, and successful trader premises requires the ability to adapt to this change.
We will benefit if we can be in tune with the market. We will always follow when the market has a trend up or down and a quick exit if the start is not in tune with the market. If we still maintain our opinion, then judge the market: "the market should be like this", "should be so", then we will finish and lose to face the market. Mentally you become chaotic and you still defend and hold the wrong position.
For a beginner, think of us as people who are acquainted with someone who is a foreign language.
Mlai How do we communicate with people who did not we know the language? We observe. And we observe with a cool head. We are not forced to be understood, however slowly notice what is actually delivered this stranger to you. Whichever way you understand it does not matter, it's up to what you should do.
Gradually some of what we understand to be conveyed. This is the way how to adapt well. Immediately release the position that we consider wrong and then continue the direction is correct. William Eckhardt once said,
 
William Eckhardt
"Two major mistakes in trading is to provide a rope (hope) to the losses and take profits prematurely. Theytried to make look like an existing position is correct, her success to a very sad performance in the long term ."

What if you are still difficult to adapt to the market? Or you even begin to dare against the Market? What is clear against the market is not good for two things;
First, we will lose money. How much money will you spend to fight the market? It depends on how much money you have. It seems not difficult to kill you either now or later. William O'Neil said,
 
William O'Neil
"Leaving the losses grow is a serious error by most investors. By adding the individual stocks, you absolutelymust have a points stop loss because you never know how long the decline in prices will occur. I remember, Inever sell shares worth U.S. $ 100 which later became U.S. $ 1. I have no idea why the price goes that far,but what would happen if I hold it? One mistake, you can not return to the market. "

Secondly, against the market will affect our decisions and our cause will always justify ourselves. As a trader, you keep doing the transaction according to the theory you believe, but let the market tell you, if you were right or wrong. Do not say that you are supposed to be true, and the market that does not make sense.


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